VAT Updates

For businesses, it is critical to be compliant with the evolutionary VAT Law and Regulations. A structured and strategic approach is required to ensure that your specific business issues are appropriately addressed while ensuring ongoing compliance with VAT legislation. VAT reporting errors with respect to transactions can lead to substantial financial losses, damage to corporate reputation, and imposition of fines and penalities. Establishing the systems and processes required for VAT Compliance is just the beginning - Systems must be tested and reviewed prior to implementation, and also post implementation to ensure legislative compliance. An ongoing compliance regime is required to ensure compliance with changing VAT regulations.

The applicability of VAT in the GCC comes with its own set of complexities. Our team can manage the complex regulatory requirements with expert advisory services by implementing the following tax processes and tools:

  • Conducting periodic reviews of sample transactions flows
  • Periodic IT and business process mapping checks customized to business requirements
  • Reconciliations and Data Validations
  • Regular workshops with your employees based on updated VAT regulations across GCC and its impact on your business
  • Handling VAT Authorities audits
  • Providing updates based on VAT Case studies and Litigations

Our approach to carrying out VAT reviews is flexible and targeted to the needs of individual businesses. We will look at the processes that the business has established for managing VAT and will consider the controls that are in place to manage risk. This is essential to avoid errors and for demonstrating to tax authorities that the business has the appropriate risk management structure. Our assistance will be vital for your company as we will assist in absorbing the changes without any sort of volatile impact on your business. We can help improve end to end business processes that drive tax performance. 

Haynes Path VAT insights:

UAE VAT Registration Guides(from FTA):

UAE VAT Guides(from FTA):

 

Links:

  • Federal Tax Authority – UAE

https://www.tax.gov.ae/ar/index.aspx

  • UAE website VAT Section link:

https://www.mof.gov.ae/en/budget/pages/vatquestions.aspx

  • KSA website VAT Section link:

https://www.gazt.gov.sa/dzit_logon/MenuItems.jsp?menu_id=vat&portalapp=x&ume.logon.locale=en

  • General Authority of ZAKAT and Tax- KSA:

https://vat.gov.sa/en/

Treaties and Regulations:

Cabinet Decisions - UAE:

FTA Decisions & Public Clarifications - UAE: